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s why we39。 through investments in wind power and solar power。ll release a budget that39。re equal to the task before us. Let39。t expect relief from the tired old theories that, in eight short years, doubled the national debt, threw our economy into a tailspin, and led us into this mess in the first place. We can39。ll ensure that CEOs are not draining funds that should be advancing our recovery. And we will insist on unprecedented transparency, rigorous oversight, and clear accountability so taxpayers know how their money is being spent and whether it is achieving results. Rarely in history has our country faced economic problems as devastating as this crisis. But the strength of the American people pels us to e together. The road ahead will be long, but I promise you that every day that I go to work in the Oval Office I carry with me your stories, and my administration is dedicated to alleviating your struggles and advancing your dreams. You are calling for action. Now is the time for those of us in Washington to live up to our responsibilities.February 7, 2009Yesterday began with some devastating news with regard to our economic crisis. But I39。t afford care. Students can39。ObamaWeekly AddressJanuary 24th, 2009We begin this year and this Administration in the midst of an unprecedented crisis that calls for unprecedented action. Just this week, we saw more people file for unemployment than at any time in the last twentysix years, and experts agree that if nothing is done, the unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost ine for a family of four. And we could lose a generation of potential, as more young Americans are forced to forgo college dreams or the chance to train for the jobs of the future. In short, if we do not act boldly and swiftly, a bad situation could bee dramatically worse. That is why I have proposed an American Recovery and Reinvestment Plan to immediately jumpstart job creation as well as longterm economic growth. I am pleased to say that both parties in Congress are already hard at work on this plan, and I hope to sign it into law in less than a month. It’s a plan that will save or create three to four million jobs over the next few years, and one that recognizes both the paradox and the promise of this moment the fact that there are millions of Americans trying to find work even as, all around the country, there’s so much work to be done. That’s why this is not just a shortterm program to boost employment. It’s one that will invest in our most important priorities like energy and education。This morning I39。s why I am calling on the Senate to pass this plan, so that we can put people back to work and begin the long, hard work of lifting our economy out of this crisis. No one bill, no matter how prehensive, can cure what ails our economy. So just as we jumpstart job creation, we must also ensure that markets are stable, credit is flowing, and families can stay in their homes. Last year Congress passed a plan to rescue the financial system. While the package helped avoid a financial collapse, many are frustrated by the results and rightfully so. Too often taxpayer dollars have been spent without transparency or accountability. Banks have been extended a hand, but homeowners, students, and small businesses that need loans have been left to fend on their own. And adding to this outrage, we learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008. While I39。t afford to make perfect the enemy of the absolutely necessary. The scale and scope of this plan is right. And the time for action is now.Because if we don39。ve lost their jobs. And it helps our states and munities avoid painful tax hikes or layoffs for our teachers, nurses, and first responders.That39。 and upgrading classrooms, libraries, and labs in our children’s schools across America. The work of building wind turbines and solar panels and the smart grid necessary to transport the clean energy they create。t fail to plete the journey. That will require stemming the spread of foreclosures and falling home values, and doing all we can to help responsible homeowners stay in their homes, which is exactly what the housing plan I announced last week will help us do.It will require stabilizing and repairing our banking system, and getting credit flowing again to families and businesses. It will require reforming the broken regulatory system that made this crisis possible, and recognizing that it39。t produce shared prosperity without firm rules of the road, and we can39。ll pay their bills, or make their mortgage, or raise their families. From the day I took office, I knew that solving this crisis would not be easy, nor would it happen overnight. And we will continue to face difficult days in the months ahead. But I also believe that we will get through this that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before. That39。t. My administration inherited a $ trillion budget deficit, the largest in history. And we39。 and new support to ensure that those who do go finish their degree. This budget also reflects the stark reality of what we’ve inherited – a trillion dollar deficit, a financial crisis, and a costly recession. Given this reality, we’ll have to be more vigilant than ever in eliminating the programs we don’t need in order to make room for the investments we do need. I promised to do this by going through the federal budget page by page, and line by line. That is a process we have already begun, and I am pleased to say that we’ve already identified two trillion dollars worth of deficitreductions over the next decade. We’ve also restored a sense o